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GBP/CHF reversed from support area

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  • GBP/CHF reversed from support area
  • Next buy target - 1.2500

GBP/CHF recently reversed up with the daily Bullish Engulfing from the support area lying between the strong support level 1.2280 (which has reversed multiple previous downward waves from the middle of March, as can be seen from the daily GBP/CHF chart below) and the lower daily Bollinger Band. The upward reversal from this support area started the active minor impulse wave (iii). GBP/CHF is expected to rise to the next buy target at the next resistance level 1.2500.

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